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Established Contributor
Posts: 676
Registered: ‎01-24-2008
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4 Those Who Choose to Have Few Bank Cards

[ Edited ]

Hello Everyone,

 

I started rebuilding 4 1/2 years ago, and like a lot of people who are just getting back on their feet, I started apping for anything and accepted any card that a bank would throw at me.  The end result: a bunch of low-limit bank cards and a gnawing feeling that I was in some sort of a grab-all -the -credit-u-can rat race that was leading me nowhere productive.  After a few years of this, and a lot of denials and unnecessary dings to my credit report - I decided to take a different approach to credit building: I started to  downsize. YES, contrary to what is popular here - I chose to close accounts, instead of sock dragging them -  I have decided not to app for prime cards, instead, I am hoping to get to the point where the prime lenders come after me.  I still  have a ways to go - 2003 BK - 2010 Midland Judgment - and NYS just got me for a tax judgment earlier this year.  Nevertheless, I treat the accounts that i have very well, and I believe that it is with these accounts that I can really rebuild my credit.

 

I still come to these forums for education and encouragement, but I also find that coming here is sometimes a bit risky for me; I get here and see all the threads about approvals, and it gets me applying for cards that I know I cannot get, even worse, cards that I do not need.  So, I thought I thought I would start a thread for those of us who are minimalist - we have 3 or  fewer  bank cards that serve us well.   Share your story - why do you have so few bank cards?  How has this served you thus far?

 

Discover Moore $3500   Started with $1500 in 9/12

Barclay US Airways $4700 Started $1000 1 or 2/12

 

Closed last year - 2 x Cap 1,  2x HSBC, Target, Chevron (have not seen a Chevron station in years)  - over the years I have had at least 3 HSBC Discover cards - closed them but had them transfer the credit line to the one card that I kept.

 

I love not having to try to figure out what card to use for this benefit or that benefit - and it cut down on trying to remember who I need to pay each month. For the purpose of this thread, let's stick to only major bank cards.  Thanks 

*Note to self* Remember why and for how long you had to rebuild in the first place! One Day at a Time, One Day at a Time!
Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
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Re: 4 Those Who Believe in Having Few Bank Cards

From a score standpoint though and from a lender's perspective, the more positive tradelines you have with high limits, the better... But fiscal conservatism is a truly American value as well... To each his own really
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Mega Contributor
Posts: 15,453
Registered: ‎04-09-2011
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Re: 4 Those Who Believe in Having Few Bank Cards


Changingmantra wrote:

Hello Everyone,

 

I started rebuilding 4 1/2 years ago, and like a lot of people who are just getting back on their feet, I started apping for anything and accepted any card that a bank would throw at me.  The end result: a bunch of low-limit bank cards and a gnawing feeling that I was in some sort of a grab-all -the -credit-u-can rat race that was leading me nowhere productive.  After a few years of this, and a lot of denials and unnecessary dings to my credit report - I decided to take a different approach to credit building: I started to  downsize. YES, contrary to what is popular here - I chose to close accounts, instead of sock dragging them -  I have decided not to app for prime cards, instead, I am hoping to get to the point where the prime lenders come after me.  I still  have a ways to go - 2003 BK - 2010 Midland Judgment - and NYS just got me for a tax judgment earlier this year.  Nevertheless, I treat the accounts that i have very well, and I believe that it is with these accounts that I can really rebuild my credit.

 

I still come to these forums for education and encouragement, but I also find that coming here is sometimes a bit risky for me; I get here and see all the threads about approvals, and it gets me applying for cards that I know I cannot get, even worse, cards that I do not need.  So, I thought I thought I would start a thread for those of us who are minimalist - we have 3 or  fewer  bank cards that serve us well.   Share your story - why do you have so few bank cards?  How has this served you thus far?

 

Discover Moore $3500   Started with $1500 in 9/12

Barclay US Airways $4700 Started $1000 1 or 2/12

 

Closed last year - 2 x Cap 1,  2x HSBC, Target, Chevron (have not seen a Chevron station in years)  - over the years I have had at least 3 HSBC Discover cards - closed them but had them transfer the credit line to the one card that I kept.

 

I love not having to try to figure out what card to use for this benefit or that benefit - and it cut down on trying to remember who I need to pay each month. For the purpose of this thread, let's stick to only major bank cards.  Thanks 


Congrats on seeing where your faults were and making changes. You have 2 nice prime cards and you can let them grow nicely while aging those INQ's.

 

I have 6 Bank cards that I rotate to my benefit by statement closing dates. Makes it alot easier to get all usage and be able to PIF. I have no plans of closing any as I will keep these for a very long while.

 




EQ FICO 548 3/3/16
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Valued Contributor
Posts: 2,361
Registered: ‎09-16-2011
0

Re: 4 Those Who Choose to Have Few Bank Cards

Well if it works for you its fine. To me I see  3 major derogs and only two good cards, And the last major baddie is still fairly new. 2010. I hated getting told that my file was thin, I fixed that. Smiley Very Happy  The fact that your other cards are still reporting for the next 10 years so they will have other TL's to distract them. 

 

 

Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak/Freeom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 12k Sally Mae5.5k Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 7k, Discover IT 15.5k and a nice stack of store cards.
Last APP/HP 9/5/2016
Moderator Emeritus
Posts: 15,090
Registered: ‎12-30-2011
0

Re: 4 Those Who Choose to Have Few Bank Cards

Would recommend joining Tinu's most excellent garden party instead of a seperate thread on the subject.  It is the refuge of sanity for folks like us on this forum which tends to be overly focused on new shiny bits of plastic Smiley Happy.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 693, EQ 8 717, TU 8 732, EX 8 740 (11/01/16)
Goal Score: 700 on EQ 04 (01/01/17)


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